The US’ BTC hashrate share increased by more than 400% since 2020–with most of the increase seen over the past few months

The United States currently accounts for most of the hashrate on the Bitcoin network and has, in the process, toppled China, data has shown.

As of July this year, 35.4% of total computing power on the Bitcoin network originated from the US, per the Cambridge Centre for Alternative Finance. According to the Cambridge Centre for Alternative Finance, the total hashrate used to secure Bitcoin was 428%, based on data from September 2020, research.

According to the data from Cambridge University cited by CNBC, China’s crackdown on cryptocurrency mining and the exodus of Bitcoin miners looking for cheaper energy sources ended with most of the hashrate in the US.

As the country attracts more and more miners seeking to exploit abundant energy sources, the reversal from China’s control of over 67% of the hashrate last September could see even more mining power move to America.

Bitcoin mining companies moving to the US will continue to be attracted by the low electricity prices and the abundance of renewable energy options.

Texas is the leader in terms of cheap power and abundant solar and wind power. Washington and New York, however, are also attractive because of their high hydropower generation.

Kazakhstan and Russia

While the US has seen the proportion of computational power for Bitcoin mining grow from 4.2% in September 2020 and 21.8% in May 2021, it’s not the only country to welcome miners exiting China.

Other top destinations for Bitcoin miners have been Kazakhstan and Russia, accounting for 18.1% and 11.2% respectively as of July. Canada also saw a notable increase in mining operations, with 9.6% of the hashrate coming from Canada.

The data showed that the hashrate percentage for mainland China in July fell to zero, which highlights the migration of miners.